by Owen Malambo, Absa’s Digital and Technology Transformation Director and Techtrends Zambia’s Tech Star of the Year 2022, gave a compelling and topical talk at the Absa Women in Business Cyber Masterclass today about the growing threats of cybercrime and the doable measures business owners can take to safeguard their companies.
Malambo clarified that cybersecurity is necessary and not a choice. Many SMEs believe that cyber regulations and data protection procedures are only applicable to large enterprises, yet any company that handles digital payments, gathers client information, or conducts business online is at risk. He advised business owners to include good digital hygiene practices into the way they gather, store, and retrieve data.
He described the four primary ways that cyberattacks happen, including examples from the actual world and advice on how to avoid them.
- Social engineering is the practice of attackers posing as customers, suppliers, or even bank representatives in order to take advantage of people’s confidence.
Prevention: Always confirm identities, make sure payment requests are made through the proper channels, and teach employees to recognize deceptive practices. - Malware is undetectable malicious software that enters computers via infected disks, attachments, or downloads.
Prevention strategies include installing reliable antivirus software, updating software frequently, avoiding unauthorized downloads, and safely backing up data. - Phishing is the practice of using phoney emails or links that look authentic in order to install malicious software or steal login credentials.
Prevention strategies include double-checking sender information, avoiding clicking on unknown links, turning on two-factor authentication (2FA), and training employees to spot warning signs of phishing. - Ransomware: This type of malware encrypts data and demands money to unlock it, frequently causing enterprises to collapse.
Prevention: Keep periodic offline backups, avoid suspicious attachments, segment networks, and prepare a reaction strategy before an attack begins.
Malambo also focused on deepfakes, AI-generated films or voices used to mimic actual people or distribute misleading information, calling them an increasing danger to reputations and brands. He also cautioned that the dark web has developed into a flourishing black market for stolen company and personal information, highlighting the significance of proactive cyber monitoring.
His conclusion was straightforward but impactful: safeguarding a digital business is essential to its growth. Cybersecurity is about knowledge, responsibility, and action, not just technology. In order to secure Zambia’s digital future, each entrepreneur has a responsibility.
